Imagine a world bereft of complicated paper works and bottlenecks severely disturbing the harmony of trade and commerce. The world of fintech benefits significantly from a modern cutting edge technology which would completely rely on a distributed ledger technology. The world of distributed ledgers has immense potential for the larger picture involving a global consortium of trade and commerce. Before we go ahead and speak volumes about the benefits of the fintech industry which would benefit from crypto and blockchain; let us explain the very nature of a distributed ledger system or blockchain.
Within the boundary of distributed ledgers; there is no boundary in the truth. It is an ever continuous source of truth that is continuously expanding. The source of truth validates truth and works on a consensus mechanism which matures in the nature of smart contracts. The very nature and spirit of smart contracts make it one of the safest forms of remittances.
Smart contract transforms the very complexion of businesses across the globe by simplifying global trade. The long-distance remittances which used to take a long time to mature is now reduced to days, minutes and even seconds. Thus, there is a massive transformation to the core which will pave way for new world order. Although most organizations associate blockchain technology with the financial services industry, it has potential use within the manufacturing, government, healthcare, and education sectors as well. This includes how those industries execute and enforce contracts. Blockchains that utilize distributed ledger technology allow for contracts that are self-verifying, self-executing, and autonomous. Companies can exchange terms, events, and information throughout the lifecycle of a contract without relying on brokers or middlemen. This eventually paves way for a democratic universe of trade and commerce where distance, time and space hardly matter. The next decade will witness a massive transformation brought together by blockchain and cryptography.